Saturday, April 23, 2005
Michael Shore, MEDC
$925,000 Grant to Improve Gateway, Increase Public Parking Space
"Bringing jobs and private investment to the center of our communities is a major part of creating cool cities across Michigan," said Granholm. "The planned improvements will help make downtown Vermontville a place people want to do business."
The grant is being made available by the Michigan Economic Development Corporation with funds provided by the federal Community Development Block Grant program.
"We are pleased that the funds we are receiving from this grant will make a much-needed impact on our central business district," Vermontville Village President Doug Kelsey said. "This money will allow us to make necessary improvements that we otherwise could not afford to do. This is really a dream come true for the village."
The Michigan Economic Development Corporation administers the state's Community Development Block Grant funds received from the U.S. Department of Housing and Urban Development. These funds are used to provide grants and loans to eligible counties, cities, villages and townships-typically those with populations less than 50,000-for economic development, community development and housing projects. Larger communities receive block grant funds directly from the federal government.
The MEDC is able to award approximately $50 million in federal CDBG funds each year. There are 1,655 local governments within the state eligible to apply for these funds. Projects are approved contingent upon compliance with state and federal requirements.
"Quality public infrastructure is crucial for business expansion and job creation," MEDC President and CEO Don Jakeway said. "I commend village officials for securing this grant and working hard to improve their community."
In her 2005 State of the State address, Granholm emphasized the importance of making Michigan a global economic powerhouse in the 21st century. Since January 2005 the Governor and the MEDC announced the creation or retention of more than 35,000 jobs as a result of targeted assistance provided by the MEDC.
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life.